Mira Mesa Monitor

[sdrealtor]

So this one Id potentially put into the category of primates at play aka monkey business. There are a bunch of large flipper companies that market to agents constantly. I hear from them everyday…every…single …day.

It is a full time business to run an operation like that with staff constantly chasing opportunities and a full time crew to remodel them. The pitch is bring us your upcoming fixer listings off market and you can represent both sides of the transaction. If the deal is good enough they will also give you the listing post remodel which is the case in this one.

These houses are sold without ever being on the open market. The flipper company comes in with all cash, as-is and very quick closing and that is used to rationalize a less than open market price. Some sellers choose that route be it on their own or they are steered that way but suffice to say regular guy/gal on the street is not getting a house like that for a wholeslae price of $750K

On this one it looks like original owner moved to a nice part of SD almost 30 years ago and kept this a rental. These are likely older folks or their heirs. For whatever reason they opted for the fast and easy sale

[anxvariety]

All speculative demand.. will vanish just as quickly as it appeared.

[sdrealtor]

[quote=anxvariety]All speculative demand.. will vanish just as quickly as it appeared.[/quote]

Good luck with that. In a community of 70K plus located around one of the preeminent tech/life sciences cores in the country it doesnt take much to sell 4 houses a week

And this. Good article

https://www.calculatedriskblog.com/2022/03/housing-dont-compare-current-housing.html

[an]

[quote=anxvariety]All speculative demand.. will vanish just as quickly as it appeared.[/quote]
You think speculators would put down 200-400k as a down payment?

[an]

[quote=sdrealtor][quote=anxvariety]All speculative demand.. will vanish just as quickly as it appeared.[/quote]

Good luck with that. In a community of 70K plus located around one of the preeminent tech/life sciences cores in the country it doesnt take much to sell 4 houses a week

And this. Good article

https://www.calculatedriskblog.com/2022/03/housing-dont-compare-current-housing.html%5B/quote%5D
I bet one of those 4 houses already have 20+ offers as we speak.

[Coronita]

https://www.redfin.com/CA/San-Diego/7215-Rock-Canyon-Dr-92126/home/4544095

$1.7 million

Beverly Mesa!

[sdrealtor]

[quote=Coronita]https://www.redfin.com/CA/San-Diego/7215-Rock-Canyon-Dr-92126/home/4544095

$1.7 million

Beverly Mesa![/quote]

Great joke! April fools!!!! Well maybe not but picture #9 is awesome

[an]

[quote=Coronita]https://www.redfin.com/CA/San-Diego/7215-Rock-Canyon-Dr-92126/home/4544095

$1.7 million

Beverly Mesa![/quote]
So close

[an]

Latest phase for Lennar’s Alta development @ 3Roots has the largest model priced at $1.79m. That’s before upgrade and landscaping. I’m assuming that once you priced those 2 things in, you’re looking at close to $2m home.

[sdrealtor]

You might get in under but some will defintely go well over $2M when all is said and done. They are building a modern day country club community in the middle of the SD tech center. Brilliant!

[sdrealtor]

Complete fixer of a house listed in MM a few days ago. Offer deadline is today. Offers need to be all cash. They are over 20 offers already

[Coronita]

[quote=sdrealtor]Complete fixer of a house listed in MM a few days ago. Offer deadline is today. Offers need to be all cash. They are over 20 offers already[/quote]

https://www.redfin.com/CA/San-Diego/7852-Tampico-Ct-92126/home/4570382

This one. 20 offers at least over $700k cash.

Seems like a lot of people have a lot of cash.

[an]

https://www.redfin.com/CA/San-Diego/10484-Flanders-Pl-92126/home/6398700

Closed at $1.51m, $310k above asking.

[limkotir]

[quote=an]https://www.redfin.com/CA/San-Diego/10484-Flanders-Pl-92126/home/6398700

Closed at $1.51m, $310k above asking.[/quote]

Oh wow. Looking at the pictures, the home is remodeled tastefully, located in a cal-de-sac, and 1-min walk next to the new elementary school and park (both important to starting families).

I guess for first time buyers, start look at condos or townhouses to get exposed to the local market — even homes in undesirable locations are being snapped up like hotcakes in this market, was hoping folks would leave those for first SFH buyers.

Which brings me to ask another question to those who are much experienced with the SD market. All things being equal, how much less should a Single Family House (SFH) be, each valued independently, versus a SFH which does not carry those unchangeable characteristics:

1) Next or close to a freeway (noise issue)
2) Located on a double yellow line neighborhood (traffic issue)
3) Zero lot line, red colored curb, in front of the house (no parking in front of the house)
4) No driveway (gotta use your garage for parking your car, lose storage use for garage)

I understand each person would value the above characteristic very differently based on their needs, just looking for some directional / general guidance.

[limkotir]

[quote=sdrealtor]You might get in under but some will defintely go well over $2M when all is said and done. They are building a modern day country club community in the middle of the SD tech center. Brilliant![/quote]

https://www.lennar.com/new-homes/california/san-diego/san-diego/3-roots/alta

Alta’s exterior modern style, may attract those younger and tech driven buyers.

Judging by the pictures on the developers sites, out of the 10 communities in 3Roots (4 townhouses, 1 bungalow, 1 condo, 1 villa, 3 single family homes), it appears only 3 communities have a driveaway, and probably nobody has curb front parking (just a guess).

I read many buyers and prospective buyers are already complaining about the parking situation in 3Roots, are looking for refuge across Camino Santa Fe where Quidel is located, which that company may take heartburns against during M-F wordays.

[Author]

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